Barclays PLC Chief Executive Jes Staley has decided to shut the bank’s operations in Africa, the Financial Times said on Friday, citing sources familiar with the matter.
The bank’s board took the decision last week at a review led by Staley and plans to announce the exit on Tuesday, the FT said. (bit.ly/1Ljam8V)
The board has appointed a subcommittee to study how and when to sell Barclays Africa (BGAJ.J), the FT said.
No comment was immediately available from Barclays.
Staley’s review came after South African President Jacob Zuma decided to change his finance minister twice in less than a week at a time when the economy is under severe stress.
Barclays’ African business had 36 billion pounds of assets on a risk-adjusted basis and made a profit of 791 million pounds in the first nine months of this year, or 13 percent of the bank’s core profits.